Ukraine to hike domestic gas prices

Ukraine is raising the price of gas for domestic consumers by more than 50 percent from May 1st and will implement further rises under a fixed timetable until 2018.

The step, which will be widely unpopular with ordinary Ukrainians, has been taken in response to demands by the International Monetary Fund (IMF), Reuters cites an unnamed official of state energy company Naftogaz as saying on Wednesday.

The Ukrainian interim government of Arseny Yatseniuk is in the final stages of talks with the IMF to secure USD 15-20 billion in a new aid package.